Commercial Bank, Qatar`s first private bank, has successfully completed an international money transfer pilot that uses a cloud-based blockchain devel
Commercial Bank, Qatar`s first private bank, has successfully completed an international money transfer pilot that uses a cloud-based blockchain developed by a subsidiary of Indian software giant Infosys.
Commercial Bank announced on their website (sbq.qa) that they have successfully gone through the initial pilot phase using the first ever blockchain network to process international transfers. They worked on the project with regional alliance banks like ABank in Turkey, National Bank of Oman, and United Arab Bank in the UAE, as well as other banks in Egypt and India.
The second phase of the project is expected to focus on trade finance transactions. This would mean extending the blockchain technology beyond payments to include legal and trade documents. The idea is to eliminate lengthy international paper trials and verification through trade intermediaries.
“Blockchain has huge potential to change the financial services sector and we are proud to be the pioneers in leading this change in Qatar by introducing yet another new technology to provide the best client experience for all our customers.”, said in a quote Commercial Bank CEO Joseph Abraham.
Commercial Bank COO Samir El-Sheikh also commented on Commercial Bank`s announcement:
“This best in class technology was adopted by working in close cooperation with our regional alliance of banks. Blockchain allows us to enhance our client experience through creating efficiencies and reducing costs for international remittances and trade finance.”
The Blockchain they used has been reportedly developed by Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Indian IT corporation Infosys. It is claimed that the successful completion of the pilot is the first international remittance that is processed on a cloud-based blockchain network.